Development site sales have always been a significant part of my brokerage practice. In this section, we’ve compiled a summary of development sites we’ve sold, featuring before and after pictures, transaction write-ups, and client testimonials.
It’s fascinating to see how small buildings have transformed into large developments across the city. Since New York lacks open land like Central Park, creating a development site often involves acquiring and demolishing smaller buildings to make way for new constructions.
I love facilitating these transformations as a broker and am excited to share a summary of these sites for you to enjoy.
By Bob Knakal – Recognized as the Top Development Site broker in the World.
Selling a development site in New York City?
You’ve only got one shot to do it right.
Over the course of my career, I’ve sold hundreds of NYC development sites—totaling over 30 million buildable square feet and over $8 billion in total transaction volume just in this asset class. Some of these have been among the most prominent land deals in the city’s history.
And here’s the truth:
Every single one of those record-setting sales followed a system.
If you’re thinking about selling your site—whether it’s a vacant parcel, an income-producing building, or a long-term hold—it pays to follow a structured process that tilts the outcome in your favor.
Here are the 5 steps I recommend to maximize your sale price:
Tenant issues can kill deals. Or, at the very least, they chip away at your sale price.
If your site is vacant, you’re ahead of the game. But if it’s occupied, you need to:
Buyers will factor the risk and timing of obtaining possession into their offers.
The more clarity you can offer, the higher your price will go.
Zoning in NYC isn’t simple. Even two properties in the same district can have different development outcomes based on frontage, depth, corner exposure, and more.
That’s why I always advise sellers to:
Buyers don’t pay top dollar for guesswork.
They pay for vision—and data that supports it.
In NYC, sellers rarely grant post-contract due diligence. That means buyers must complete all investigations before signing.
To build trust and speed up deal flow:
It’s a small upfront investment that reduces friction, builds confidence, and weeds out time-wasters.
Many of the best deals I’ve sold started small—but grew.
Before we list a site, my team always explores:
Some of the largest deals I’ve closed involved assembling up to 14 separate parcels. That didn’t happen overnight—but it did unlock extraordinary value.
The BKREA Policy & Zoning SWAT Team consists of policy and zoning professionals that can provide granular insights relative to maximizing development site potential.
This is where most sellers leave money on the table.
Here’s what you need to know:
There’s a 50% chance your buyer isn’t even on your radar.
Time and again, we’ve seen new-to-market developers or foreign investors beat out NYC’s biggest names. Why? Because they’re hungry. They’re aggressive. And they’ll pay more.
Listing quietly—or going “off-market” to a few names—isn’t a strategy.
It’s a risk.
Work with a broker who will:
You only get to sell it once. Why not sell for the highest possible number?
1. How long does it take to sell a development site in NYC?
If pre-market materials (zoning, environmental, tenancy review) are ready, we often go from listing to contract in 45–90 days. Larger or more complex sites may take longer.
2. Do I need to disclose known environmental or zoning issues?
Legally, you might not always have to—but strategically, it’s smart. Disclosing known issues upfront builds trust, saves time, and avoids post-contract re-trading.
3. What does a zoning and massing study cost?
Depending on the complexity of the site and consultant used, you can expect to pay between $5,000 and $15,000. It’s worth every penny in buyer confidence and speed.
4. Can I still sell a site with tenants in place?
Yes—but you need to clarify lease terms, expiration dates, and any buyout history. The cleaner your possession story, the better your price and the broader your buyer pool. You will likely have to provide estopple certificates for tenants to remain.
5. Are air-rights and TDRs worth pursuing?
Absolutely. In many cases, they’re the difference between average pricing and exceptional outcomes. It’s worth investigating even if the timeline feels long.
6. How do I know if my development site is worth more assembled?
That’s where we come in. My team routinely assesses assemblage potential, neighboring owners’ interest, and zoning capacity to unlock additional FAR (Floor Area Ratio).